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How much would be the down payment before VAT

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Reference no: EM132937709

Question - BSA Realty Corporation, a real estate dealer is planning to sell residential lots, beginning Jan 1, 2022. The following would be the term of the sales:

Gross Selling Price P6,480,000

Down payment would be 10%

Balance: 50% in 36 equal monthly installments, starting Jan. 31, 2022 40% upon turnover

The zonal value of the residential lots is P6,060,000

Required -

-What should be the basis of VAT?

-How much would be the down payment before VAT?

-What is the amount to be collected (ex-VAT) before turnover?

-How much would be the monthly amortization ex-VAT?

-How much would be the total collections (VAT inclusive) during the year of sale?

-How much would be the initial payment?

-Is this sale on Installment or a deferred payment basis?

-How much would be the output tax related to this proposed sales?

Reference no: EM132937709

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